View Full Version : Finally going legit, NEED HELP!!!
10-26-2008, 06:48 PM
Hey guys, next year it will be time for me to go legit on my buisness so i has=d some questions, mainly about insurance. First of what is LLC and is it enough to cover a small to medium sized landscaping company? Secondly what insurance company do you use and how much money to do pay? any links to online resources are always helpful
10-27-2008, 12:47 PM
First LLC is Limited Liability Corporation not Insurance. Only uou your accountant and lawyer should advise you on what is best, DBA,LLC or INC.
Each business type has pros and cons on Insurance,Taxes etc.
As far as insurance goes it depends on what your state requires for the business you are doing and the business type you are.
Even if you are not required to have insurance it is still wise to have at least liability to cover you on damage to customer sites and you may wish to get commercial vehicle insuarance. This you can get from your insurance agent that deals with commercial insurance.
In floridia where I am doing lawn Maint. as a dba I have liability and commercial vehicle insurance through Nationwide but legally I am not required to have anything but a occupational License with the Tax collector in the county I do business in.
10-27-2008, 12:52 PM
yea my father the accouant of 30 years has help me with getting started and figuring out which company to be label as and what insurance. Maybe you could find an accouanut in the area and they can advise what would work for you. Sorry it isn't a lot of 2 cents but hopefully helpful.
10-29-2008, 04:36 AM
Landscaping is growing business which requires full time concentration and resources. As the company is of medium size there shouldn't be much liability and LLC would be the best option.
10-29-2008, 09:54 AM
I have had an accountant tell me that instead of paying for being an LLC, take that money and purchase extra liability insurance. The LLC runs about $400 in TN, and you can get another $1 million in coverage for that amount. I have not gone the LLC route, but I will if I get larger. Insurance is only about $500 per year, but I am a solo op with no employees. It is worth it to get a good accountant and good insurance agent.
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